Anworth increases conversion rate on 6.25% convertible preferreds

By Marisa Wong

Morgantown, W.Va., March 31 – Anworth Mortgage Asset Corp. announced an increase to the conversion rate of its 6.25% series B cumulative convertible preferred stock.

Effective April 3, the conversion rate will be 4.8469 shares of Anworth common stock per $25 convertible instead of 4.7932 shares, according to an 8-K filing with the Securities and Exchange Commission.

Anworth’s board of directors declared a quarterly common stock dividend of $0.15 per share, which is payable on April 28 to stockholders of record as of the close of business on March 31.

When Anworth pays a cash dividend during any quarter to its common stockholders in an amount that results in an annualized common stock dividend yield greater than 6.25%, the conversion rate on the convertibles is adjusted.

Anworth is an externally managed mortgage real estate investment trust that invests primarily in mortgage-backed securities. The company is based in Santa Monica, Calif.

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